JRK acquires $285m rental portfolio

The portfolio of 17 multifamily properties in five US states is a joint venture with JRK Birchmont's parent company, JRK Holdings. REIT AIMCO sold the properties owing to the dislocation in the credit markets, JRK said.

JRK Birchmont Advisors has a portfolio of 17 rental properties across five states in the US for $285 million in a joint venture with its parent company, JRK Property Holdings.

The deal was the eleventh investment for JRK Birchmont’s $203 million fund, Birchmont Capital Partners I. The fund now has 50 multifamily and commercial properties throughout the US. It was the fund’s third JV with Los Angeles-based JRK Property Holdings.

In a statement, JRK Property said the portfolio was acquired from the apartment real estate investment trust AIMCO and involved properties in Atlanta, Georgia; Charleston, South Carolina; Cincinnati, Ohio; Columbus, Ohio; Fort Collins, Colorado and Richmond, Virginia.

Jim Lippman, chairman and chief executive officer of JRK Property, added that the credit market dislocation was creating good opportunities provided real estate investors could give sellers “speed and certainty of execution in order to compete”.

JRK Property was founded in 1992 and manages a $3 billion real estate portfolio with more than 38,000 units. The firm’s subsidiaries include JRK Birchmont Advisors and its hotel and residential asset management divisions, JRK Residential Group and JRK Hotel Group.